Centre to raise Rs 1,200 cr through Nalco disinvestment -Governance Now

Centre to raise Rs 1,200 cr through Nalco disinvestment

Department of investment and public asset management has set a record target of raising Rs 72,500 crores through disinvestment in 2017-18 FY

GN Bureau | April 21, 2017

#PSU #Nalco #National Aluminium Company Limited

The centre has successfully divested 9.2 percent of paid-up capital in the National Aluminium Company Limited (NALCO), a Navratna enterprise, to raise Rs 1,200 crores.

Department of investment and public asset management (DIPAM) under the ministry of finance has set a record target of realising Rs 72,500 crores through disinvestment in the current fiscal. The government had raised Rs 46,247 crores in the last fiscal.

Originally, the disinvestment in NALCO offer for sale (OFS) was pegged at 5 percent, but after getting overwhelming response from the market, DIPAM raised the offer to 9.2 percent on April 19. With this, the centre’s shareholding in NALCO has come down to 65.37 percent.

The retail investor continues to back PSUs’ disinvestments by DIPAM. For the fourth time in a row, retail investors out-performed institutional investors. This is particularly satisfying to DIPAM, as one of the objectives of disinvestment policy is to make PSU shareholding broad-based so that country’s wealth is shared by its citizens.

Comments

Other News

An ode to the cradle of humankind

The Alphabets of Africa: Poems By Abhay K. Vintage Classics, 280 pages, ₹499.00 Abhay K

Ahmedabad district railway network to be expanded

The Cabinet Committee on Economic Affairs, chaired by prime minister Narendra Modi, on Wednesday approved the Ahmedabad (Sarkhej) – Dholera Semi High-Speed Double Line project of Ministry of Railways with total cost of Rs. 20,667 crore (approx.). It will be Indian Railways 1st semi high-speed project

Indian Ocean more contested than ever: Western Naval Command Chief

The Indian Ocean is becoming increasingly contested and strategically significant as the Indo-Pacific emerges as the defining geopolitical theatre of the 21st century, Vice Admiral Krishna Swaminathan, Flag Officer Commanding-in-Chief of the Western Naval Command, has said. Spe

Why the judiciary needs much more than four more judges

India has a particular form of governance theatre: the bold declaration that appears to be action but is actually a way of avoiding action. The Union Cabinet on May 5 approved a Bill to increase the sanctioned strength of the Supreme Court from 34 to 38. The decision has been touted as a step toward judici

Wisdom stories that don’t preach but encourage reflection

The Foundation Of A Fulfilling Life: Lessons from Indian Scriptures Deepam Chatterjee Aleph Books, 264 pages, Rs 899

Citizens of the Bay: Why BIMSTEC matters now

The international order is drifting into a dangerous grey zone as the very powers that built today`s multilateral system begin to chip away at it. The United States has increasingly walked away from global rules and forums when they no longer suit its interests, while China has rushed to fill the vacuum on